Sergio Marchionne says Ferrari could form its own racing series

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The threat comes after new F1 owner Liberty Media announced plans to change the engine regulations beyond 2020 -- and just days before details of a planned 2019 budget cap for the teams are to be announced.

Germany media outlet Auto Motor und Sport reports that 2019 will be a budget cap trial year, with no penalties for overspending and the 100-200 million euro ($116 million-$233 million) cap to not include driver, top management or marketing costs.

As Liberty Media's plans for the future take shape, Ferrari president Marchionne has made it clear that Ferrari is not happy with all of the proposed changes.

Italian media quote Marchionne as saying Ferrari "will not play" unless Liberty and the FIA create "circumstances which are beneficial to the maintenance of the brand and strengthen the unique position" of the team.

As for what Ferrari would do if it quits F1, Marchionne suggested Maranello could help establish a new series and "celebrate until the cows come home."

Ferrari is not ruling out using its controversial veto power to block Liberty Media's plans for the future of F1.Already, it is believed manufacturers Mercedes, Ferrari and Renault are opposing ...

When asked how being the president who ended Ferrari's long association with F1 would feel, Marchionne answered, "Like a million bucks."

However, he acknowledged that F1 has "been part of our DNA since the day we were born."

And despite not winning the F1 constructors' championship for the 12th consecutive year, Marchionne said Ferrari should be happy with how it fared in the 2017 season, as it finished second behind Mercedes.

"We did well considering our starting point," he said. "If I had said a year ago where we would be today, nobody would have believed me. We regret that we did not do better, but the car was good and in 2018 we will do much better. In the second part of the season, we suffered a mixture of technical problems and errors of the drivers. So even if it was painful, we learned a lot from the season."